投资者行为系列之七：关于银行负债压力、债券投资和净息差

Group 1: Bank Liability Pressure - Since the second half of 2024, listed banks have shown stable asset expansion, primarily driven by a recovery in deposit growth, with a notable increase in bond and interbank financing[2][14]. - The structure of deposits has shifted, with personal deposits growing faster than corporate deposits, leading to an increase in the proportion of personal deposits in listed banks[2][20]. - Large banks face relatively greater pressure on their deposit growth compared to smaller banks, as their deposit structure is more balanced but has been significantly impacted by the cessation of manual interest supplementation in April 2024[2][26]. Group 2: Financial Investment Trends - The importance of financial investments has increased, with banks actively increasing their financial investments in response to rising interest rate spreads[3][34]. - Different types of banks exhibit varying preferences for trading and investment accounts, with rural commercial banks showing a higher trading attribute compared to state-owned banks[3][40]. - The contribution of financial investment to income has shown volatility, with a negative correlation observed between the 10-year government bond yield and the income contribution from financial investment trading[3][51]. Group 3: Net Interest Margin Dynamics - The net interest margin (NIM) is primarily influenced by the yield on interest-earning assets and the cost of interest-bearing liabilities, with the latter being more rigid[4][59]. - Recent trends indicate that the decline in loan yields and the rise in deposit costs have been the main factors compressing NIM in recent years[4][73]. - The central bank's monetary easing can temporarily boost NIM by lowering interbank financing costs and improving asset yields through enhanced investment and consumption willingness[4][74].